Wikipedia:WikiProject Trains/ICC valuations/Oregon–Washington Railroad and Navigation Company

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The railroad of Oregon-Washington Railroad & Navigation Company, hereinafter called the Oregon-Washington is a steam railroad located in Washington, Oregon, and Idaho. The principal main line owned extends from Huntington to Portland, Oreg., and important branch lines extend from a connection with this line at Umatilla, Oreg., to Spokane, Wash., and from Pendleton, Oreg., to Wallace, Idaho. Shorter branches extend from these lines to points in the same territory. The Oregon-Washington also owns detached lines in Oregon and Washington which are used through trackage rights over the lines of other railroads or by steamboat connections. The principal cities served are Portland, Oreg., Seattle, Tacoma, and Spokane, Wash. The Oregon-Washington owns 1,962.155 miles of first main track, of which 28.58 miles is narrow-gage and the remainder is standard-gage. The Oregon-Washington uses mileage owned by other carriers as hereinafter described.

The railroad of Des Chutes Railroad Company, hereinafter called the Des Chutes Railroad, leased to and operated by the Oregon-Washington, is a single-track line located in the north central part of Oregon. The line is in two parts and extends from Sherman to North Junction, 71.266 miles, and from South Junction to Metolius, 23.994 miles, making an aggregate of 95.260 miles. The railroad of the Des Chutes Railroad parallels Oregon Trunk Railway between the above points and the Oregon-Washington has trackage rights over Oregon Trunk Railway between North Junction and South Junction and between Metolius and Bend so that it is able to operate over one continuous line of railroad between Sherman and Bend. The Des Chutes Railroad owns yard and sidetracks as shown in the trackage table in appendix 1.

The Oregon-Washington wholly owns and uses 2,223.870 miles of tracks, owns but does not use 231.067 miles of tracks, and uses but does not own 105.092 miles of tracks, which are classified in the trackage table in appendix 1. It also jointly owns and uses trackage with other carriers as shown in appendix 1.

The Oregon-Washington has steamboat lines on Lake Coeur d'Alene in northern Idaho, on the Snake River in the vicinity of Lewiston, Idaho, on the Columbia and Willamette Rivers between The Dalles and Portland, Oreg., and between Portland and Astoria, Oreg.


Of the wholly owned and used mileage shown in the above table, the section of road from Riparia, Wash., to Lewiston, Idaho, 71.449 miles, is operated by Camas Prairie Railroad Company as agent for the Oregon-Washington.


CORPORATE HISTORY

The Oregon–Washington was incorporated November 23, 1910, in Oregon for the principal purpose of purchasing and consolidating the properties of certain corporations which were then controlled through stock ownership by the Union Pacific Railroad Company and the Oregon Short Line Railroad Company.

Accordingly, on December 23, 1910, it acquired by purchase all of the properties of 12 corporations, except their corporate franchises and certain of their assets, and, on the same date, purchased a part of the properties of 3 other corporations. It subsequently acquired the property of 2 other corporations.

The Oregon–Washington itself, [...]

No. Name Incorporation Succession
1. Oregon–Washington Railroad & Navigation Company. General laws of Oregon, November 23, 1910.
2. The Oregon Railroad and Navigation Company. General laws of Oregon, July 16, 1896. Sold to 1, December 23, 1910.
3. Oregon Railway and Navigation Company. General laws of Oregon, June 13, 1879. Conveyed to 2, August 17, 1896.
4. The Oregon Steamship Company. General laws of Oregon, May 25, 1872. Conveyed to 3, February 26, 1880.
5. Oregon Steam Navigation Company. General laws of Oregon, October 21, 1862. Sold to 3, March 31, 1880.
6. Oregon Steam Navigation Company. Special act of Washington Territory, December 16, 1860. Conveyed to 5, December 5, 1862.
7. The Oregon Railway Extensions Company. General laws of Oregon, May 25, 1888. Conveyed to 2, August 17, 1896.
8. Washington and Idaho Railroad Company. General laws of Washington Territory, July 7, 1886. Conveyed to 2, August 17, 1896.
9. Mill Creek Flume and Manufacturing Company. General laws of Washington Territory, March 1, 1880. Sold to 2, October 26, 1903.
10. The Columbia and Palouse Railroad Company. General laws of Washington Territory, June 29, 1882. Sold to 2, September 6, 1910.
11. Walla Walla and Columbia River Railroad Company. General laws of Washington Territory, December 28, 1868. Sold to 2, September 6, 1910.
12. Columbia River & Oregon Central Railroad Company. General laws of Oregon, August 22, 1903. Sold to 1, December 23, 1910.
13. Columbia Southern Railway Company. General laws of Oregon, March 5, 1897. Sold to 1, December 23, 1910.
14. Idaho Northern Railroad Company. General laws of Idaho, January 10, 1906. Sold to 1, December 23, 1910.
15. Ilwaco Railroad Company. General laws of Oregon, May 6, 1907. Sold to 1, December 23, 1910.
16. The Ilwaco Railway and Navigation Company. See 17. Sold to 15, June 12, 1907.
17. The Ilwaco Steam Navigation Company. General laws of Washington Territory, February 23, 1875. Name changed to 16 on October 2, 1888.
18. Lake Creek & Coeur d'Alene Railroad Company. General laws of Oregon, July 26, 1906. Sold to 1, December 23, 1910.
19. Malheur Valley Railway Company. General laws of Oregon, January 26, 1906. Sold to 1, December 23, 1910.
20. The North Coast Railroad Company. General laws of Washington, April 14, 1906. Portion of property sold to 1, December 23, 1910.
21. North Coast Railway. General laws of Washington, September 28, 1905. Conveyed to 20, October 11, 1906.
22. Spokane – Columbia River Railroad and Navigation Company. General laws of Washington, June 12, 1905. Sold March 29, 1906, to Robert E. Strahorn, who conveyed the property to 20, January 20, 1908.
23. Northwestern Railroad Company. General laws of Oregon, May 12, 1906. Sold to 1, December 23, 1910.
24. Oregon Eastern Railway Company. General laws of Oregon, August 21, 1905. Portion of property sold to 1, December 23, 1910.
25. Oregon, Washington & Idaho Railroad Company. General laws of Oregon, August 8, 1903. Sold to 1, December 23, 1910.
26. Oregon and Washington Railroad Company. General laws of Oregon, May 12, 1906. Portion of property sold to 1, December 23, 1910.
27. Grays Harbor and Puget Sound Railway Company. General laws of Washington, May 31, 1906. Conveyed to 26, June 27, 1910.
28. The Snake River Valley Railroad Company. General laws of Oregon, March 3, 1898. Sold to 1, December 23, 1910.
29. Spokane Union Depot Company. General laws of Oregon, December 10, 1900. Sold to 1, December 23, 1910.
30. Union Depot Company of Spokane Falls. General laws of Washington Territory, July 20, 1889. Sold under foreclosure proceedings November 12, 1898, after receivership begun September 1, 1894, to receivers of The Union Pacific Railway Company, who on September 13, 1899, conveyed the property to Winslow S. Pierce, trustee. Pierce and his wife sold the property to 29, March 22, 1901.
31. Umatilla Central Railroad Company. General laws of Oregon, May 24, 1906. Sold to 1, December 23, 1910.
32. Clearwater Valley Railroad Company. General laws of Oregon, November 2, 1898. Conveyed to 1, February 7, 1916.
33. Olympia Terminal Railway Company. General laws of Washington, September 6, 1911. Sold to 1, December 31, 1915.
34. The Eastside Railway Company. General laws of Washington, February 18, 1896. Conveyed to 33, October 6, 1914.
DEVELOPMENT OF FIXED PHYSICAL PROPERTY

The recorded mileage owned by the Oregon–Washington amounts to 1,962.43, of which 1,593.12 miles were acquired by purchase and 369.31 miles by construction. The inventoried mileage is 1,962.155. In addition, it jointly owns and uses with other carriers an undivided 73.664 miles. The 1,593.12 miles acquired by purchase is the net of 1,611.15 miles after deducting 18.03 for retirements, revisions, and remeasurements. The 1,611.15 miles was constructed by 21 different corporations, the names of which follow. Of these, one, The Northern Pacific Terminal Company of Oregon, is not in line of corporate succession. Oregon Steam Navigation Company 13.80 miles, Oregon Railway and Navigation Company 628.79, The Oregon Railway Extension Company 68.73, Washington and Idaho Railroad Company 154.19, The Columbia and Palouse Railroad Company 144.80, Walla Walla and Columbia River Railroad Company 35.52, The Oregon Railroad and Navigation Company 94.34, Columbia River & Oregon Central Railroad Company 45.31, Columbia Southern Railway Company 69.46, Idaho Northern Railroad Company 32.83, Ilwaco Railroad Company (narrow gage, 28.65, Lake Creek & Coeur d'Alene Railroad Company 14.18, Malheur Valley Railway Company 37.33, Northwestern Railroad Company 57.84, Oregon, Washington & Idaho Railroad Company 72.03, Oregon and Washington Railroad Company 25.30, The Snake River Valley Railroad Company 65.85, Spokane Union Depot Company 0.39, Umatilla Central Railroad Company 14.21, Olympia Terminal Railway Company 7.43, The Northern Pacific Terminal Company of Oregon 0.17.

Details with respect to the construction of the property are given in the accounting report.

HISTORY OF CORPORATE FINANCING


Solely owned but not used, leased to Oregon Short Line Railroad Company, road from Malheur Junction to Crane, Oreg., 125.23 miles, Blakes to Homestead, Oreg., 57.78 miles and from Vale to Brogan, Oreg., 23.73 miles, total 206.74 miles. Included in line from Malheur Junction to Crane are 33.54 miles between Riverside and Crane, leased to Oregon Short Line Railroad Company, considered practically completed on date of valuation and included in inventory, but not opened for operation until Nov. 1, 1916. Stipulated payment 5 percent on cost, plus improvements. Rental shown does not include line from Riverside to Crane $369,460.33


Predecessor Companies
THE OREGON RAILROAD AND NAVIGATION COMPANY—PREDECESSOR OF THE OREGON-WASHINGTON
INTRODUCTORY

This company was incorporated July 16, 1896, in Oregon. It was controlled on December 23, 1910, the date of sale, by the Oregon Short Line Railroad Company through ownership of its capital stock.

Prior to January 1900 the general books of account of this company were kept in Portland, Oreg. Subsequently thereto they were kept in New York, subsidiary records being maintained in Portland. The general books of account then in New York were destroyed in the Equitable Building fire of January 9, 1912. While certain data was secured from annual reports rendered us from 1900 to 1910, it is impossible to give complete information in regard to the financial transactions of the company.

The company owned on date of sale 1,138.74 miles of single-track, standard-gage railroad, extending from Portland, Oreg., to Umatilla, Oreg., with diverging main lines from Umatilla to Spokane, Wash., and Huntington, Oreg. It also owned numerous branch lines. Of the total mileage, all but 7.18 miles which was not in operation and 0.05 mile which was leased to another carrier, was operated by the company's own organization. It also operated steamboats on the Columbia, Willamette, and Snake Rivers and on Lake Coeur d'Alene, Idaho, and, until October 1904, operated steamships between Portland and San Francisco.

Of the owned mileage about 865.68 miles had been acquired in 1896, following foreclosure proceedings, from the Oregon Railway and Navigation Company, The Oregon Railway Extensions Company, and the Washington and Idaho Railroad Company. Of the remainder 193.83 miles was acquired by direct purchases and 94.34 miles by construction, less 15.11 miles representing retirements and revisions. Further details are given in the accounting report on the Oregon-Washington.

HISTORY OF CORPORATE FINANCING

[...]

OREGON RAILWAY AND NAVIGATION COMPANY—PREDECESSOR OF THE OREGON RAILROAD AND NAVIGATION COMPANY
INTRODUCTORY

This company was incorporated June 13, 1879, in Oregon. It was controlled by Oregon Short Line and Utah Northern Railway Company on August 17, 1896, date of sale following foreclosure proceedings, through ownership of capital stock. It controlled on date of sale, through stock ownership, The Oregon Railway Extensions Company, Washington and Idaho Railroad Company, The Columbia and Palouse Railroad Company, Walla Walla and Columbia River Railroad Company, and Mill Creek Flume and Manufacturing Company, whose common-carrier properties it operated.

The property of this company was operated by its own organization from the dates acquired to December 31, 1886. From January 1, 1887, to October 13, 1893, it was operated by Oregon Short Line Railway Company and the latter's successor, Oregon Short Line and Utah Northern Railway Company, under lease. From October 13, 1893, to August 17, 1896, the property was operated by receivers. The company stated an income account from June 30, 1879.

The road owned on date of sale aggregated 642.76 miles and comprised a main line extending from Portland, Oreg., to Huntington, Oreg., 404.84 miles, with numerous branch lines. It also owned steamships which operated between Portland and San Francisio[sic] steamboats which operated on the Willamette, Columbia, and Snake Rivers. The owned mileage had been acquired by construction and included about 13.80 miles of reconstructed road between The Dalles and Celilo, Oreg., which was originally owned by Oregon Steam Navigation Company. The company also acquired from Oregon Steam Navigation Company, steamboats, barges, and other floating equipment. There was acquired from The Oregon Steamship Company the steamship line between Portland and San Francisco, together with warehouse and other facilities at Portland. Further details are given in the accounting report.

HISTORY OF CORPORATE FINANCING

[...]

THE OREGON STEAMSHIP COMPANY—PREDECESSOR OF OREGON RAILWAY AHD NAVIGATION COMPANY
INTRODUCTORY

This company was incorporated May 25, 1872, in Oregon. It was controlled by a syndicate formed by Henry Villard on February 26, 1880, the date of sale, through ownership of capital stock. The records reviewed do not indicate that it then controlled any common-carrier corporation.

The property was operated by the company's own organization from August 1, 1872, to February 29, 1880. Although the property was disposed of on February 26, 1880, the books record the results of corporate operation to February 29, 1880.

The company owned on date of sale a steamship route operating between Portland, Oreg., and San Francisco, Calif., together with wharf property at Portland. It had previously owned and operated other steamship lines and steamboat lines, which were disposed of prior to date of sale.

HISTORY OF CORPORATE FINANCING

[...]

OREGON STEAM NAVIGATION COMPANY—PREDECESSOR OF OREGON STEAM NAVIGATION COMPANY
INTRODUCTION

This company was incorporated December 16, 1860, under special act of Washington Territory. However, it had existed in an unincorporated form since May 1, 1860. The records reviewed do not indicate whether or not it was controlled by any individual or corporation on December 5, 1862, the date of sale. It controlled on that date through ownership of capital stock, Cascades Railroad Company, which owned a portage road then under construction on the Washington side of the Columbia River between the Upper and Lower Cascades, a distance of about 6 miles.

The property was operated by the company's own organization from May 1, 1860, to November 30, 1862. The results of corporate operation from December 1, 1862, to date of sale were recorded in the books of the successor company.

The company owned on date of sale steamboat lines which operated on the Columbia and Snake Rivers in Oregon, Washington, and Idaho. It also owned or operated wagon and tramway portage roads which connected the navigable portions of its steamboat routes. Certain of this property, including a wagon portage between The Dalles and Celilo, Oreg., formerly owned by The Dalles Portage Company, were acquired by purchase.

HISTORY OF CORPORATE FINANCING

[...]

THE OREGON RAILWAY EXTENSIONS COMPANY—PREDECESSOR OF THE OREGON RAILROAD AND NAVIGATION COMPANY
INTRODUCTORY

This company was incorporated May 25, 1888, in Oregon. It was controlled by Oregon Railway and Navigation Company on August 17, 1896, the date of sale following foreclosure proceedings, through ownership of capital stock. The records reviewed do not indicate indicate that it then controlled any common-carrier corporation.

The property was operated by the Oregon Short Line Railway Company and its successor Oregon Short Line and Utah Northern Railway Company under lease as a part of the Oregon Railway and Navigation Company system, from the dates the sections of road were placed in operation to October 13, 1898, and from the latter date to date of sale by receivers.

The company owned on date of sale two separated sections of railroad, one of which extended from Winona to Seltice, Wash., 47.84 miles, and the other from La Grande to Elgin, Oreg., 20.89 miles, which has been acquired by construction. Further details are given in the accounting report on the Oregon-Washington.

HISTORY OF CORPORATE FINANCING

[...]

WASHINGTON AND IDAHO RAILROAD COMPANY—PREDECESSOR OF THE OREGON RAILROAD AND NAVIGATION COMPANY
INTRODUCTORY

This company was incorporated July 7, 1886, in Washington Territory. It was controlled on August 17, 1896, date of sale, by Oregon Railway and Navigation Company through stock ownership. The records reviewed do not indicate that it then controlled any common-carrier corporation.

The property was operated by Oregon Short Line and Utah Northern Railway Company under lease as a part of the Oregon Railway and Navigation Company's system from the dates the several sections of road were completed to October 13, 1893, and from the latter date to date of sale by receivers. The road owned on date of sale amounted to 154.19 miles, all of which had been acquired by construction. It consisted of a standard-gage, steam railroad, extending from Farmington, Wash., via Tekoa, to Spokane, Wash., and from Tekoa to Burke and Mullan, Idaho. Of this 7.18 miles between Wallace, Idaho, and Mullan was not operated on date of sale.

HISTORY OF CORPORATE FINANCING

[...]

MILL CREEK FLUME AND MANUFACTURING COMPANY—PREDECESSOR OF THE OREGON RAILROAD AND NAVIGATION COMPANY

This company was incorporated March 1, 1880, in Washington Territory. It was controlled by The Oregon Railroad and Navigation Company on October 26, 1903, the date of sale through stock ownership.

No accounting records of this company are obtainable. Its owned road on date of sale, 13.51 miles of 3-foot gage railroad, extended from Walla Walla to Dixie, Wash., and from junction near Dixie to Tracy, Wash., and had been acquired by construction in 1881 and 1882.

The successor company subsequently disposed of all but 1.07 miles of the road conveyed to it and this was converted to standard gage and classified as a sidetrack. No data on the outlays for road constructed by this company were obtained.

THE COLUMBIA AND PALOUSE RAILROAD COMPANY—PREDECESSOR OF THE OREGON RAILROAD AND NAVIGATION COMPANY
INTRODUCTORY

This company was incorporated June 29, 1882, in Washington Territory. It was controlled by The Oregon Railroad and Navigation Company on September 6, 1910, the date of sale, through stock ownership. The records reviewed do not indicate that this company then controlled any common-carrier corporation.

The property was operated from January 1, 1884, to date of sale successively by Northern Pacific Railroad Company, Oregon Railway and Navigation Company, Oregon Short Line Railway Company, Oregon Short Line and Utah Northern Railway Company, by receivers and by The Oregon Railroad and Navigation Company. Except for a short period separate income accounts were not kept and no rental was paid by the operating carriers or receivers.

The road owned by the company on date of sale amounted to 144.80 miles and consisted of a single-track standard-gage railroad, extending from Connell, Wash., via LaCrosse and Colfax, Wash., to Moscow, Idaho, and from Colfax to Farmington, Wash., which had been acquired by construction.

HISTORY OF CORPORATE FINANCING

[...]

WALLA WALLA AND COLUMBIA RIVER RAILROAD COMPANY—PREDECESSOR OF THE OREGON RAILROAD AND NAVIGATION COMPANY
INTRODUCTORY

This company was incorporated December 28, 1868 in Washington Territory. No accounting records covering the period from the date of organization to January 14, 1879 were obtained. Therefore, only partial Information can be given from its accounts regarding its financial dealing or investments. The accounting records available were opened January 14, 1879, and, although the property was conveyed to The Oregon Railroad and Navigation Company on September 6, 1910, the accounts contain no entries after June 30, 1887. The accounting data in this report for the date of sale are those afforded by these records.

The company was controlled on the date of sale by The Oregon Railroad and Navigation Company through ownership of its capital stock. The records reviewed do not indicate that this company then controlled any common-carrier corporation.

The property of this company was operated by its own organization from March 25, 1874, to December 31, 1881. From January 1, 1882, to June 30, 1887, it was operated by Oregon Railway and Navigation Company under lease. Thereafter and until the date of sale the property was operated as a part of the system of the controlling companies and no accounting was made to Walla Walla and Columbia River Railroad Company. The railroad owned on date of sale was a single-track standard-gage steam railroad, aggregating 35.52 miles, which extended from Wallula to Walla Walla, Wash., and from Barrett to Blue Mountain, Oreg. This had been originally constructed by the company as a 3-foot gage road amounting to 46 miles, between 1874 and 1879. The 35.52 miles was changed to standard gage in 1881 and 1883. In the latter year 7.20 miles was abandoned. The difference in mileage represents conversions to sidetrack.

HISTORY OF CORPORATE FINANCING

[...]

COLUMBIA RIVER & OREGON CENTRAL RAILROAD COMPANY—PREDECESSOR OF THE OREGON-WASHINGTON
INTRODUCTORY

This company was incorporated August 22, 1903, in Oregon. It was controlled by Union Pacific Railroad Company on December 23, 1910, the date of sale, through stock ownership. The records reviewed do not indicate that this company then controlled any common-carrier corporation.

The property was operated from July 1, 1905, to June 30, 1906, for the company by The Oregon Railroad and Navigation Company and thereafter and until December 23, 1910, by the latter as lessee.

The company owned on date of sale a single-track, standard-gage railroad, wholly within Oregon, which extended from Arlington to Condon, 45.31 miles. The road had been been acquired by construction from 1903 to 1905. There was utilized in its construction certain surveys and right of way which had been acquired from Oregon Southern Railway Company.

HISTORY OF CORPORATE FINANCING

[...]

COLUMBIA SOUTHERN RAILWAY COMPANY—PREDECESSOR OF THE OREGON-WASHINGTON
INTRODUCTORY

This company was incorporated March 5, 1897, in Oregon. It was controlled by Union Pacific Railroad Company on December 23, 1910, the date of sale, through stock ownership. The records reviewed do not indicate that this company then controlled any common-carrier corporation.

The property was operated by its own organization from October 6, 1897, to June 30, 1906. From the latter date to December 23, 1910, it was operated by The Oregon Railroad and Navigation Company under lease.

The company owned on date of sale 69.46 miles of single-track, standard-gage railroad, wholly within Oregon, which extended from Biggs to Shaniko, and which had been acquired by construction.

HISTORY OF CORPORATE FINANCING

[...]

IDAHO NORTHERN RAILROAD COMPANY—PREDECESSOR OF THE OREGON-WASHINGTON
INTRODUCTORY

This company was incorporated January 10, 1906, in Idaho. It was controlled by Union Pacific Railroad Company on December 23, 1910, the date of sale, through stock ownership. The records reviewed do not indicate that this company then controlled any common-carrier property.

The property was operated by the company's own organization from August 1, 1909, to December 23, 1910.

The company owned on date of sale 32.83 miles of single-track, standard-gage railroad wholly within Idaho, which extended from Enaville to Paragon and which had been acquired by construction.

HISTORY OF CORPORATE FINANCING

[...]

ILWACO RAILROAD COMPANY—PREDECESSOR OF THE OREGON-WASHINGTON
INTRODUCTORY

This company was incorporated May 6, 1907, in Oregon. It was controlled by Union Pacific Railroad Company on December 23, 1910, the date of sale, through stock ownership. The records reviewed do not indicate that it then controlled any common-carrier corporation.

The property was operated by the company's own organization from June 12, 1907, the date the first section of road was acquired, to December 23, 1910.

The company owned on date of sale 28.65 miles of single-track, narrow-gage railroad, which extended from Megler, Wash., via Ilwaco, to Nahcotta, Wash. Of this, 15.26 miles between Ilwaco and Nahcotta had been acquired by purchase from the predecessor company. There was acquired June 3, 1907, from Columbia Valley Railroad Company, which had been incorporated February 16, 1899, in Washington, an uncompleted narrow-gage railroad then under construction, between Ilwaco Junction and Knappton, Wash., of which the section between Ilwaco and Megler, 13.39 miles, was completed by Ilwaco Railroad Company. This company also owned and operated a steamboat on the Columbia River between Megler and Astoria, Oreg. Further details are given in the accounting report on the Oregon-Washington.

HISTORY OF CORPORATE FINANCING

[...]

THE ILWACO RAILWAY AND NAVIGATION COMPANY—PREDECESSOR OF ILWACO RAILROAD COMPANY, FORMERLY NAMED THE ILWACO STEAM NAVIGATION COMPANY
INTRODUCTORY

This company was incorporated February 23, 1875, in Washington Territory, as The Ilwaco Steam Navigation Company. The name was changed October 2, 1888. It was controlled by the Union Pacific Railroad Company on June 12, 1907, the date of sale, through ownership of capital stock. The records reviewed do not indicate that it then controlled any common-carrier corporation.

The accounting records prior to 1889 are incomplete.

The property was operated by the company's own organization from September 24, 1875, to June 12, 1907. From the first-named date to about July 1888 operations were limited to a steamboat line on the Columbia River. Thereafter and until date of sale these included operation of narrow-gage railroad.

The company owned on date of sale 15.26 miles of narrow-gage steam railroad, extending from Ilwaco, Wash., to Nahcotta, Wash., which had been acquired by construction, together with steamboats which operated on the Columbia River between Ilwaco and Astoria, Oreg. Certain wharf property and lands located at Ilwaco had been acquired from Ilwaco Wharf Company.

HISTORY OF CORPORATE FINANCING

[...]

LAKE CREEK & COEUR D'ALENE RAILROAD COMPANY—PREDECESSOR OF THE OREGON-WASHINGTON
INTRODUCTORY

This company was incorporated July 26, 1906, in Oregon. It was controlled by the Union Pacific Railroad Company on December 23, 1910, the date of sale, through ownership of capital stock. The records reviewed do not indicate that this company then controlled any common-carrier corporation.

The property was operated by The Oregon Railroad and Navigation Company from June 12, 1910, the date placed in operation, to December 23, 1910, under lease.

The company owned on date of sale 14.18 miles of single-track, standard-gage railroad, extending from Bell, Wash., to Amwaco, Idaho. It also owned a steamboat which operated on Lake Coeur d'Alene between Amwaco and Harrison, Idaho. The property had been acquired by construction.

HISTORY OF CORPORATE FINANCE

[...]

MALHEUR VALLEY RAILWAY COMPANY—PREDECESSOR OF THE OREGON-WASHINGTON
INTRODUCTORY

This company was incorporated January 26, 1906, in Oregon. It was controlled by the Oregon Short Line Railroad Company on December 23, 1910, the date of sale, through ownership of capital stock. The records reviewed do not indicate that it then controlled any common-carrier corporation.

The property was operated by Oregon Short Line Railroad Company from January 15, 1907, the date the first section of road was opened, to December 23, 1910, under lease.

The company owned on date of sale 37.33 miles of single-track, standard-gage railroad, extending from Malheur Junction through Vale to Brogan, in Oregon, which had been acquired by construction. In the construction of the section from Vale to Brogan, 23.74 miles, the Willow River Land and Irrigation Company purchased right of way and had the grading done at its own expense.

HISTORY OF CORPORATE FINANCING

[...]

THE NORTH COAST RAILROAD COMPANY—PREDECESSOR OF THE OREGON-WASHINGTON
INTRODUCTORY

This company was incorporated April 14, 1906, in Washington. It was controlled by the Union Pacific Railroad Company on December 23, 1910, the date of sale, through ownership of capital stock. The records reviewed do not indicate that it then controlled any common-carrier corporation.

The company owned on date of sale standard-gage railroads under construction in the eastern part of Washington, consisting of two separate sections, one of which extended from Spokane to Ayer Junction, 103.73 miles, and the other from Attalia to Yakima, 98.07 miles, construction of which was completed by the successor company. It also owned surveys and right of way for other proposed lines on some of which a small amount of construction had been done, which were retained by it when the remainder of the property was disposed of. In connection with its proposed and partly constructed lines, the company acquired from North Coast Railway certain surveys and right of way, and from Spokane-Columbia River Railroad and Navigation Company surveys, right of way and a partially constructed grade for a line between the projected townsite of Berry City, near Fletcher, to Ringold, Wash.

Owing to the company's relations with Union Pacific Railroad Company and Oregon Short Line Railroad Company, there are included herein references to transactions occurring subsequently to December 23, 1910.

HISTORY OF CORPORATE FINANCING

[...]

NORTH COAST RAILWAY—PREDECESSOR OF THE NORTH COAST RAILROAD COMPANY

This company was incorporated September 28, 1905, in Washington. The records reviewed do not indicate whether it was controlled by any individual or corporation on October 11, 1906, the date of sale, or that it then controlled any common-carrier corporation.

The company owned no completed railroad. It had made surveys and obtained contracts for right of way with funds advanced by a promoter who was later reimbursed by Union Pacific Railroad Company.

The authorized capital stock was originally $1,000,000 par value, later increased to $25,000,000, all of which was issued to promoters. No money was paid for the stock. Expenditures for property to date of sale aggregated $84,973.53 of recorded money outlay. Of this $38,309.63 has been found to be applicable to property owned by the Oregon-Washington and used for common-carrier purposes.

SPOKANE-COLUMBIA RIVER RAILROAD AND NAVIGATION COMPANY—PREDECESSOR OF THE NORTH COAST RAILROAD COMPANY

This company was incorporated June 12, 1905, in Washington. The records reviewed do not indicate whether it was controlled by any individual or corporation on March 29, 1906, the date of sale to Robert E. Strahorn, or whether it then controlled any common-carrier corporation. Strahorn on January 20, 1908, conveyed the property owned by Spokane-Columbia River Railroad and Navigation Company to The North Coast Railroad Company.

No completed railroad was owned. The company acquired from The Eastern-Washington Railroad Company, which had been incorporated December 5, 1904, in Washington, the latter's interest in a proposed railroad, made additional surveys, acquired right of way and did some grading. No railroad has been constructed over the proposed line. The outlays to date of sale are stated to be $37,977.98. Of this $2,982.19 is applicable to certain lands classified herein as noncarrier.

NORTHWESTERN RAILROAD COMPANY—PREDECESSOR OF THE OREGON-WASHINGTON
INTRODUCTORY

This company was incorporated May 12, 1906, in Oregon. It was controlled by the Oregon Short Line Railroad Company on December 23, 1910, the date of sale, in consequence of advances made for construction. The records reviewed do not indicate that it then controlled any common-carrier corporation.

The property was operated by the Oregon Short Line Railroad Company as a part of its system without formal lease from July 1, 1910, the date placed in operation, to December 23, 1910. No income was recorded by this company.

This company owned on date of sale 57.84 miles of single-track, standard-gage railroad, extending from Blake's Junction to Homestead, Oreg., which had been acquired by construction. In its construction there was utilized an uncompleted railroad which had been acquired from Northwest Railway Company, consisting principally of 650 feet of track, 12 miles of grading, and 2 unfinished tunnels.

HISTORY OF CORPORATE FINANCING

[...]

OREGON EASTERN RAILWAY COMPANY—PREDECESSOR OF THE OREGON-WASHINGTON
INTRODUCTORY

This company was incorporated August 21, 1905, in Oregon in the interests of Union Pacific Railroad Company and Southern Pacific Company. The records reviewed do not indicate the manner in which it was controlled on December 23, 1910, date of sale to the Oregon-Washington, or whether it then controlled any common-carrier corporation.

The general books of the company were not opened until December 1911, and contain no details with respect to construction expenditures. The costs of such work as was done were carried in the books of Southern Pacific Company and Oregon Short Line Railroad Company. As no part of the sections of road acquired or work performed on behalf of Southern Pacific Company became a part of the property of the Oregon-Washington, details as to such activities are omitted from this report.

In October 1905, Oregon Short Line Railroad Company, acting in the name of Oregon Eastern Railway Company, made surveys from Vale, Oreg., westward through Malheur canyon to Odell, Oreg., and also acquired some right of way. Subsequently Boise & Western Railway Company, which had been incorporated in the interest of Oregon Trunk Railway, entered this field and made surveys and secured right of way through Malheur canyon between Vale and Riverside, Oreg. The right of way through the canyon was necessary to the project of Oregon Eastern Railway Company and was acquired together with other property of Boise & Western Railway Company for a recorded consideration of $139,953.20, which was paid by the Oregon-Washington and included by the latter in its investment in road and equipment account.

The data obtained on the outlays for creating the property of Oregon Eastern Railway Company are those recorded in the books of Oregon Short Line Railroad Company and comprise recorded money outlay of $229,520.65 and computed interest on advances of $49,068.57.

On December 28, 1910, Boise & Western Railway Company sold its right of way and other property to Oregon Eastern Railway Company for $139,955.20, the purchase price being paid by the Oregon-Washington. At the date of purchase the amount $139,955.20 was taken to represent the actual amount of money that had been expended by Boise & Western Railway Company on the property, but delayed charges and adjustments increased the total of cash outlay to $140,331.44.

OREGON, WASHINGTON & IDAHO RAILROAD COMPANY—PREDECESSOR OF THE OREGON-WAHINGTON[sic]
INTRODUCTORY

This company was incorporated August 8, 1903, in Oregon. It was controlled by the Union Pacific Railroad Company on December 23, 1910, the date of sale, through ownership of capital stock. The records reviewed do not indicate that it then controlled any common-carrier corporation.

The property was operated by its own organization from July 7, 1908, the date placed in operation, to December 2, 1909. From December 3, 1909, to December 23, 1910, it was operated by the Camas Prairie Railroad for The Oregon Railroad and Navigation Company and Northern Pacific Railway Company as a part of a line between Riparia, Wash., and Grangeville, Idaho.

This company owned on date of sale 72.03 miles of single-track, standard-gage railroad, extending from Riparia, Wash., to Lewiston, Idaho, which had been acquired by construction. The constructed line included certain right of way and grading which had been acquired from The Snake River Valley Railroad Company.

HISTORY OF CORPORATE FINANCING

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OREGON AND WASHINGTON RAILROAD COMPANY—PREDECESSOR OF THE OREGON-WASHINGTON
INTRODUCTORY

This company was incorporated May 12, 1906, in Oregon. It was controlled [by who?] on December 23, 1910, the date its common-carrier property was sold to the Oregon-Washington, through ownership of capital stock, but such control passed on October 18, 1911, to the Oregon Short Line Railroad Company, which company controls Oregon and Washington Railroad Company on June 30, 1916. The records reviewed do not indicate that it controls any common-carrier corporation.

The company owns large real-estate holdings, principally in Tacoma and Seattle, Wash., which were retained when its railroad property was disposed of. Owing to its relations with Oregon Short Line Railroad Company and Union Pacific Railroad Company, there are included herein some references to transactions occurring subsequently to December 23, 1910.

The company's corporate records maintained in New York were destroyed by fire January 9, 1912, and, while records of construction and operation kept in Portland were obtainable, certain details of financial transactions are based on annual reports of this company to the Commission.

The property was operated by this company's own organization from January 1, 1909, when a 6.10-mile branch line was opened for traffic, to December 23, 1910. It owned 25.30 miles of standard-gage railroad, consisting of several separated sections, of which about 24.26 miles were located in Washington and the remainder in Oregon, together with several short extensions and branches, including passenger and freight terminals at Seattle, freight terminals at Tacoma, and a tunnel at Portland which were under construction on date of sale and were subsequently completed by the Oregon-Washington. It also jointly owned with Chicago, Milwaukee and Puget Sound Railway Company a one half interest in 67.22 miles of road, comprising two separated sections in Washington.

In the operation of its road the company had trackage rights over the tracks of the Northern Pacific Railway Company between Vancouver and Tacoma, Wash., and similar rights over the properties of other companies in the vicinity of Portland and entering Seattle.

The mileage owned and jointly owned had been acquired through construction, although a portion thereof represented completion of construction begun by a predecessor. Certain of the lands owned by the company had been acquired by purchase May 20, 1906, from Washington Northern Railway Company, which had been incorporated February 6, 1906, in Washington. Further details are given in the accounting report on the Oregon-Washington.

HISTORY OF CORPORATE FINANCING

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GRAYS HARBOR AND PUGET SOUND RAILWAY COMPANY—PREDECESSOR OF OREGON AND WASHINGTON RAILROAD COMPANY
INTRODUCTORY

This company was incorporated May 31, 1906, in Washington. It was controlled by the Union Pacific Railroad Company on June 27, 1910, the date of sale, through ownership of capital stock. The records reviewed do not indicate that it then controlled any common-carrier corporation.

The company owned a railroad under construction in Washington, consisting of sections extending from Centralia to Hoquiam and from North River Junction to Primo. Of the section from Centralia to Hoquiam, the portion from Helsing Junction to Hoquiam was jointly owned with the Chicago, Milwaukee and Puget Sound Railway Company. These sections were subsequently completed and placed in operation by the successor companies. Further details are given in the accounting report on the Oregon-Washington.

HISTORY OF CORPORATE FINANCING

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THE SNAKE RIVER VALLEY RAILROAD COMPANY—PREDECESSOR OF THE OREGON-WASHINGTON
INTRODUCTORY

This company was incorporated March 3, 1898, in Oregon. It was controlled by the Union Pacific Railroad Company on December 23, 1910, the date of sale, through ownership of capital stock. The records reviewed do not indicate that it then controlled any common-carrier corporation.

The property was operated by The Oregon Railroad and Navigation Company from December 1, 1899, to the date of sale. Prior to June 30, 1907, no formal lease was in effect, the lessee company in lieu of paying rental, waived interest on advances. From July 1, 1907, to date of sale, the road was leased at a stipulated rental.

This company owned on date of sale 65.85 miles of single-track, standard-gage railroad, extending from Wallula to Grange City, Wash., which had been acquired by construction.

HISTORY OF CORPORATE FINANCING

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SPOKANE UNION DEPOT COMPANY—PREDECESSOR OF THE OREGON-WASHINGTON
INTRODUCTORY

This company was incorporated December 10, 1900, in Oregon. It was controlled by the Union Pacific Railroad Company on December 23, 1910, the date of sale, through ownership of capital stock. The records reviewed do not indicate that it then controlled any common-carrier corporation.

The property was operated by The Oregon Railroad and Navigation Company under lease from April 1, 1901, to date of sale. Although the property was acquired March 22, 1901, the results of corporate operations to April 1, 1901, were recorded in the books of the predecessor company.

This company owned terminal facilities at Spokane, Wash., comprising passenger and freight depots and other buildings and facilities, including 0.39 mile of track. The property had been constructed by a predecessor, Union Depot Company of Spokane Falls.

HISTORY OF CORPORATE FINANCING

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UNION DEPOT COMPANY OF SPOKANE FALLS—PREDECESSOR OF SPOKANE UNION DEPOT COMPANY
INTRODUCTORY

This company was incorporated July 20, 1889, in Washington Territory. The records reviewed do not indicate whether or not it was controlled by any individual or corporation on March 22, 1901, the date of sale, or whether it then controlled any common-carrier corporation.

The property was operated by its own organization from the date placed in operation, October 7, 1889, to September 1, 1894, and by a receiver thereafter and until date of sale. Although the company's property was sold March 22, 1901, its books record the results of corporate operation to April 1, 1901.

On date of sale the company owned terminal facilities consisting of passenger and freight depots, shops, etc., and 0.39 mile of track at Spokane, Wash., which had been acquired by construction.

HISTORY OF CORPORATE FINANCING

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UMATILLA CENTRAL RAILROAD COMPANY—PREDECESSOR OF THE OREGON-WASHINGTON
INTRODUCTORY

This company was incorporated May 24, 1906, in Oregon. It was controlled by the Union Pacific Railroad Company on December 23, 1910, the date of sale, through ownership of capital stock. The records reviewed do not indicate that this company then controlled any common-carrier corporation.

The property was operated by The Oregon Railroad and Navigation Company under lease from the beginning of operations on December 16, 1907, to date of sale.

The company owned 14.21 miles of single-track, standard-gage, steam railroad, extending from Rieth to Pilot Rock, Oreg., which had been acquired by construction.

HISTORY OF CORPORATE FINANCING

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CLEARWATER VALLEY RAILROAD COMPANY—PREDECESSOR OF THE OREGON-WASHINGTON

This company was incorporated November 2, 1898, in Oregon. No railroad was built or owned. The company made surveys and acquired right of way for proposed lines of railroads with funds advanced by the Oregon-Washington and the latter's predecessor, The Oregon Railroad and Navigation Company. Some of the projects were abandoned and portions of the right of way acquired were disposed of to other companies. The only property owned on February 7, 1916, the date of sale, consisted of land near Lewiston, Idaho, purchased for right of way.

The records of the Oregon-Washington do not indicate that any amounts were recorded in its investment in road and equipment or other accounts as representing the acquisition of the property of this company.

The property transferred to the Oregon-Washington consisted of lands acquired for recorded money outlay of $31,968.39. The major portion of this land is classified as noncarrier.

OLYMPIA TERMINAL RAILWAY COMPANY—PREDECESSOR OF THE OREGON-WASHINGTON
INTRODUCTORY

This company was Incorporated September 6, 1911, in Washington, and was controlled by the Oregon-Washington on December 31, 1915, the date of sale, through ownership of capital stock. The records reviewed do not indicate that it then controlled any common-carrier corporation.

The property was not operated by this company, but was conveyed to the successor company when construction was substantially completed.

The company owned 7.43 miles of single-track, standard-gage railroad, extending from Chambers Prairie to Olympia, Wash., all of which except a nominal amount of spur tracks, had been acquired by construction. Such spur tracks had been acquired from a predecessor.

HISTORY OF CORPORATE FINANCING

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The investment of the company in road, including land, no equipment being owned, on date of sale was stated in its books as $404,162.76, analyzed as follows:

Road purchased, The Eastside Railway Company, investment in capital stock of that company, $2,479 par value, canceled at recorded value of $2,479, part of property formerly owned by The Portland and Puget Sound Railroad Company, open-account indebtedness to Carlyon, $2,710.30 $5,159.30
Construction and additions and betterments, recorded money outlay, $1,000; open-account indebtedness to Carlyon $56,567.14, to Oregon-Washington $341,406.32 398,973.46
Total recorded as of date of sale 404,162.76
THE EASTSIDE RAILWAY COMPANY—PREDECESSOR OF OLYMPIA TERMINAL RAILWAY COMPANY

No accounting records of this company were obtained. The data given herein were obtained from documents of file. Tbe company was controlled on October 6, 1914, the date of sale, by the Olympia Terminal Railway Company through ownership of capital stock. The records reviewed do not indicate that it controlled any common-carrier corporation. The company acquired from a door and lumber company certain industry tracks at Olympia, Wash., and subsequently built additional tracks, the rails and fastenings in which were owned by the Northern Pacific Railway Company which operated to the industries.

The Eastside Railway Company issued $2,479 par value of capital stock, all of which was outstanding on date of sale. This stock was acquired by the Olympia Terminal Railway Company for $2,479 cash.

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